Deutsche Bank AG is primed for another shakeup in its foreign exchange (FX) unit, which has been the subject of myriad alterations over the past year. Its latest move will see the departure of its Head of FX and Emerging Markets (EM) debt trading, Ahmet Arinc, who will be parting ways with the group, per a recent Bloomberg report.
Deutsche Bank has been one of the biggest movers of personnel in the past few months. During Q4 2015, the bank announced an ambitious strategy to cut up to 35,000 workers across its global business amidst sagging revenues and profit margins. The strategy has been adopted by several other lenders as well, who have seen an outflow of personnel in FX and in particular London-based units and currency desks.
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In his stead, the unit will be manned in the interim by David Wayne and Sean Bates, who each will continue their respective roles as Heads of Currency Trading and Head of EM debt trading – both individuals will continue reporting to Ram Nayak, the London-based Head of debt trading.
Mr. Arinc originally joined Deutsche Bank back in 1998 – over the past eighteen years he has held a number of senior level roles, including most recently as its Global Head of FX back in 2014. However, he has been on leave since April 2016, and his authorization with the UK’s Financial Conduct Authority (FCA) subsequently expired back in March 2015, according to a regulatory filing.